2003 An n u a l R e p o r t

The A sp en I nstitute
Balance S heet
December 31, 2003
(w ith comparativ e totals for 2002)

A ssets 2003 2002*

Cash $1,926,630 $1,865,788
Promises to giv e, net 9,839,151 10,276,224
R eceiv ables, net 1,610,329 1,798,316
Inv estments 29,175,472 24,893,455
Inv entory 103,246 86,148
Prepaid E xpenses 477,192 275,308
Deferred Compensation 141,263 -
Deposits 157,887 138,933
Property & eq uipment, net 31,881,402 32,799,467

Total current assets $75,312,572 $72,133,639

Liabilities and N et A ssets

Liabilities
Lines of Credit $729,394 $472,000
Accounts payable and accrued expenses 2,387,114 2,589,910
Customer deposits 639,834 713,430
Notes Payable 342,573 417,573
Capital lease obligations 82,255 48,361
Deferred Compensation 141,263 -

Total liabilities 4,322,433 4,241,274

Net Assets:
Unrestricted
Undesignated 2,078 94,516
Board Designated 39,423,720 38,174,101
39,425,798 38,268,617
Temporarily restricted 21,831,686 20,537,948
Permanently restricted 9,732,655 9,085,800

Total net assets 70,990,139 67,892,365

$75,312,572 $72,133,639

* As restated

13
The Aspen Institute
C onsolidated Statement of Activities by Prog ram
Year Ended December 31, 2003

Unrestricted Restricted Total

O perations Prog rams O perations
Revenues/Resources:
Project Grants 13,025 13,025
Seminar Fees 1,422,280 199,870 1,622,150
Net Conference Revenue 442,867 442,867
Contributions 3,455,582 1,691,351 5,146,933
Net Investment Income 179 179
Real/Unreal Gain(Loss) on Investments (1,029) (64,882) (65,911)
Rental Revenue 54,907 66,822 121,729
Overhead Transfer 2,069,869 2,069,869
Contract & M isc Revenue 245,089 17,025 262,115
Transfer of Fund Balance 354,520 (644,520) (290,000)
Endowment Spending Revenue 517,821 108,997 626,818
Total Revenue 8,574,931 1,374,844 9,949,774

Expenses:
Seminars 1,549,095 1,549,095
Campus Activities 602,185 602,185
Policy Program 0 0
Other Restricted Programs 135,874 614,072 749,946
Overhead Transfer 7,500 5,961 13,461
Depreciation Expense 0 0
Fund Raising & Development 1,613,676 7,750 1,621,426

Board of Trustees 274,213 274,213

President/International 685,942 685,942
Seminar & Policy Prog Admin 347,538 347,538
Executive Administration 349,733 349,733
Human Resources 184,655 184,655
Communications 600,286 600,286
W ash D.C. Office Admin 195,577 195,577
Finance/Accounting 1,099,460 1,099,460
Information Technology Services 863,873 863,873
G eneral Business & Administration 4,601,276 0 4,601,276

Debt Service 50,748 0 50,748

Contingency 12,500 0 12,500
Total Expenses 8,572,853 627,783 9,200,636

NET RESULTS 2,078 747,060 749,138

14
 Crown
Policy F ellowship Plant Endowment Total
Programs Program F und F und 2003

15,935,701 15,948,726
273,540 43,755 1,939,445
442,867
5,307,436 120,200 3,898 724,322 11,302,790
263,868 479 265,835 530,362
394,213 25,000 3,948,345 4,301,647
30,020 151,748
2,069,869
744,379 1,006,493
290,000 0
16,350 350,000 (993,168) 0
22,965,507 803,955 29,377 3,945,334 37,693,947

1,549,095
602,185
20,411,719 20,411,719
580,042 (853,599) 1,261,530 1,737,920
2,009,321 47,087 2,069,869
1,939,437 1,939,437
1,621,426

274,213
685,942
347,538
349,733
184,655
600,286
195,577
1,099,460
863,873
0 0 0 0 4,601,276

50,748
12,500
22,421,040 627,130 1,085,839 1,261,530 34,596,174

544,467 176,825 (1,056,461) 2,683,804 3,097,773

15
The Aspen Institute Subsidiary
Consolidated Statement of Activities
Year Ended December 31, 2002
(with comparative totals for 2001)

Temporarily Permanently Total Total

Unrestricted Restricted Restricted 2003 2002
Revenue and Support:
Project Grants $723,013 $16,093,241 $16,816,254 $14,962,047
Conference Fees 8,394,436 8,394,436 9,161,369
Contributions 3,222,557 2,724,473 646,855 6,593,885 8,419,632
Investment income (loss) 2,744,701 2,020,895 4,765,596 (2,229,033)
Seminar Fees 1,837,342 1,837,342 1,870,295
Rental Income 226,961 226,961 150,965
Other 229,020 1,269 230,289 139,253
Net assets released from restrictions 19,546,140 (19,546,140)

Total revenue and support 36,924,170 1,293,738 646,855 38,864,763 32,474,528

Expenses:
Program services
Policy Programs 15,975,530 15,975,530 16,771,398
Campus Activities 9,552,167 9,552,167 9,940,368
Seminars 981,885 981,885 1,305,537
Five year fund 621,816 621,816 2,142,080
Crown fellowship 393,829 393,829 308,434
Other restricted programs 183,056 183,056 486,265
27,708,283 27,708,283 30,954,082

Supporting services
General and administrative 6,914,986 6,914,986 7,324,634
Fundraising and development 1,143,720 1,143,720 1,098,956

Total Expenses 35,766,989 35,766,989 39,377,672

Change in Net Assets 1,157,181 1,293,738 646,855 3,097,773 (6,903,144)

Net Assets:
Beginning 38,268,617 20,537,948 9,085,800 67,892,365 74,795,509

Ending $39,425,798 $21,831,686 $9,732,655 $70,990,139 $67,892,365

16
Soc iety of F ellow s
Lifetime Fellows
Mortimer J. Adler
Mr. and Mrs. Robert O. Anderson
Mr. and Mrs. Alvin I. Brown
Mr. and Mrs. Theodore A. Burtis
Mr. and Mrs. Lodwrick M. Cook**
Ian M. Cumming
Page L. Hufty
Mr. and Mrs. Christopher Makins
Frances and Paul Martinson
Mr. and Mrs. George P. Mitchell
Mr. Robert A. Mosbacher**
Mr. and Mrs. William A. Nitze*
Arthur M. Pappas
Mr. and Mrs. Gregor G. Peterson
Nina Rosenwald
Mr. and Mrs. Thomas W. Smith
Golden Leaf Society
Mr. and Mrs. William Budinger
Mr. and Mrs. Henry E. Catto*
Mr. and Mrs. John Doerr*
Mr. and Mrs. David H. Koch*
Mr. and Mrs. Leonard Lauder*
Mr. and Mrs. William E. Mayer*
Mr. and Mrs. Stewart Resnick*
Mr. and Mrs. Robert Steel*
Mr. and Mrs. Frederick B. Whittemore*
Chairmans Society
Madeleine K. Albright*
Mercedes K. Bass and Sid Bass*
Mr. and Mrs. Berl Bernhard*
Mr. Richard C. Blum and Senator Dianne
Feinstein
F. Peter Cundill*
Mr. and Mrs. James L. Ferguson*
The Honorable Joseph and Alma Gildenhorn*
Barbara Goldsmith Foundation
Nina Rodale Houghton*
Walter and Cathy Isaacson* Aspen Leaf Society
The Honorable and Mrs. Frederic V. Malek* Mr. and Mrs. Michael Bezos
Philip Merrill* Rita and Irwin Blitt
Clare Munana and John McCartney* Mr. and Mrs. Richard S. Braddock
Mrs. Judith E. Neisser Mike and Veronica Curran
Mr. and Mrs. Lloyd Schermer* Dr. and Mrs. Ronald I. Dozoretz
Mr. and Mrs. Albert Small* Gael Neeson and Stefan Edlis
Mortimer B. Z uckerman* The Honorable and Mrs. Melvyn J. Estrin
Mr. and Mrs. Jerry E. Finger
President's Society Jerry A. Goldstone
Mr. and Mrs.Paul F. Anderson* Diane and Bruce Halle
Kay and Matthew Bucksbaum Joan W. and Irving B. Harris
Ms. Melva Bucksbaum and Irv and Ellen Hockaday**
Mr. Raymond Learsy Robert J. Hurst and Soledad DeLeon Hurst
The Crown Family* Diana Jacobs Kalman and C. A. Kalman
Andrea L. Cunningham and Rand Sigfried* Alex Kaufman
Jane and Michael Eisner* Dena Kaye
Shannon and Richard Fairbanks Abbe Lane and Perry Leff
Jessica and John Fullerton Mary Ralph Lowe
Mr. and Mrs.Gerald Greenwald* Pam and Tom Luce
Mr. and Mrs. Patrick W. Gross* Dr. Nancy Cain Marcus
Dr. and Mrs. Sidney Harman* Edward J. Mathias
Ann F. Hudson and Edward Hudson* Oliver G. McGee III
Bill Joy The Mesdag Family Foundation
Yotaro Kobayashi* Norman Perlmutter
Ann M. Korologos and Tom Korologos* Mr. and Mrs. Richard G. Powell
Mr. and Mrs. Timothy K. Krauskopf* Kelli and Allen Questrom
Laura and Gary Lauder Daniel and Paula Reingold
Mr. and Mrs. John W. Madigan Arlene and Chester Salomon
Mr. and Mrs. Thomas R. Pickering* Vicki and Ronald Simms
Carolyn and William Powers Victoria L. Smith
Nancy and Miles Rubin Mr. and Mrs. William T. Solomon
Linda and Jay Sandrich Aziz D. Syriani
Pamela Smart Joan F. and Maurice B. Tobin
Mr. and Mrs. Jack Valenti* Dr. and Mrs. Teviah Turkat
Roderick K. von Lipsey* Leah and Ralph Wanger
Mr. and Mrs. Vin Weber* George D. White
Charles and Dee Wyly
Selim K. Z ilkha
*Trustee **Trustee Emeritus Honorary Trustee (as of D ec emb er 31, 2003)
17
Fellows
John W. Adams
Mrs. Robert H. Allen (Judy)
Patricia Alper
Jon and Lucy Anda
Cristine Aronson and Terry Ewbank
Suzanne Atkinson
Becky Ayres
Marilyn and George L. Baker
Harley Baldwin
Lisa Baron
B. John Barry and Cheryl Sandeen
Raifie and Michele Bass
Rita Bass
Michael J. Batza Jr.
Mr. and Mrs. Reginald R. Baxter
Mr. Laurence D. Belfer
Barbara and Bruce Berger
Meta S. and Ronald Berger
Jill and Jay Bernstein
Mr. and Mrs. Luciano Berti
Archer and Sandie Bishop
Elaine and Bob Blatt
Bob Bowden
Mark A. Bradley
Cari Britton
Eli Broad
William and Barbara Broeder
Vicki Brooks
Mr. K. Dane Brooksher
William and Jessica Budinger
Tony Caine and Terri Caine
Connie and Jim Calaway
Ruth and Martin Carver
Mr. and Mrs. Richard P. Case
Ms. Merle C. Chambers and
Mr. Hugh A. Grant
William Coleman**
Mr. and Mrs. Thomas Congdon
Bunni and Paul Copaken
Dale Coudert
Carol Craig
Roy E. Davidson
Gary and Ellen Davis
Martin Davis Julia and Edward Hansen
Lorraine and Alex Dell Gordon A. Hardy
T.J. and Dawn Demas Donna and Robert Harper
Andy Dolce Jody and Andy Hecht
Marcy and J. Leo Edelstein Nikos and Alison Hecht
Gail and Richard Elden Mr. and Mrs. James R. Hedges IV
Ms. Judith L. Estrin and Lita W. Heller
Mr. William N. Carrico Timothy A. Heller
Mr. and Mrs. Woods Fairbanks Mr. Barnett C. Helzberg Jr.
Thomas Figge Juliane Heyman
Kathryn Fleck Thomas and Susan Hilb
Dr. and Mrs. John V. Flynn, Jr. Alberta D. Hogg
Merrill Ford Susan H. Horsey
Charlotte Moss and Barry Friedberg Jerry Hosier
Adam and Kathryn Frisch Kenneth Hubbard
Mr. and Mrs. Morton Funger Dr. and Mrs. Richard M. Hunt
Judith McGregor and Richard Gallun Fern K. Hurst
Gideon I. and Sarah Gartner Mary Ann Hyde
Norman H. Gershman Judith and Gordon Ingram
Gary Gerst Irwin and Julanne Isaacson
Betty S. Gerstley, M.D. Mr. and Mrs. Charles B. Israel
Judy and Lanny Gertler Jeanne Jaffee
Frank B. Gibney Jr. Ms. Jane Jellinek
David Gitlitz Dr. Jane Jenkins
Richard and Harriett Gold Lisa Jung
Ana and Michael Goldberg George and Sandy Kahle
Louisa and Adam Goldsmith John B. Kane
Susanne H. Goldstein Marjorie C. Kastman
Richard Goldstein Jane and Gerald Katcher
Andrea S. Gordon Donald G. Kempf Jr.
Gretchen M. Gorog Robert D. Kennedy
Arthur and Audrey Greenberg Jeffrey L. Kenner
Mr. Ronald K. Greenberg Ms. Ishik A. Kubali-Camoglu
Ms. Diane Troderman and David J. Kudish
Mr. Harold Grinspoon Lawrence Ladin
Richard L Grubman David H. Langstaff
Mrs. Paul W. Guenzel Mr. and Mrs. Garland M. Lasater Jr.
Llura and Gordon Gund Lowell H. Lebermann Jr.
Mr. Stephen Gunther Tom Lemons
Arjun and Vinati Gupta Toby D. Lewis
Vinod Gupta John S. Lillard
Lou and Bill Guthrie Mr. and Mrs. Jim Lowrey
Dr. Giora Hahn Marianne and Sheldon Lubar
Lisa Haisfield Ann and Paul Lux
18
Lee R. Lyon Marian and Mike Peters Orli and William Staley
Carol Marks Hana Pevny Gayle and Paul Stoffel
Marilyn R. Marks Anne and Arnold Porath Barry S. and Evelyn M. Strauch
Anne and Austin Marquis Mrs. Charles H. Price Melanie Sturm
Kristin Hoegh Marsh Fred and Shirley Pryor Shelly and Pete Thigpen
Mr. Edward P. Martin and Kathryn and Richard Rabinow Mr. and Mrs. William R. Tobey Jr.
Mrs. Charlotte Lewis Martin Ellen B. Randall Margaret B. and Philip K. Verleger, Jr.
Mr. and Mrs. John P. Mascotte** Donna K. Rautbord Peter M. Waanders
J. Alec Merriam Nancy and George Records Mrs. Louise Walker-Resor
Ellie and Robert Meyers Mr. Robert S. Rich Carolyn F. Walton
Diane L. Morris and Stevenson Atherton Dr. and Mrs. Sidney Rittenberg Jay and Marnie Webster
Pat Morris Toni and Arthur Rock Mr. and Mrs. J. Fred Weintz Jr.
The Honorable Georgette Mosbacher Marvin Rosenberg Lantz and Laura Welch
Ilene and James Nathan Robert A. Rosenfeld, Esq. Jack and Bonnie Wilke
Hermine and Maurice Nessen Gail Sachson Ginny L. Williams
Jeannette T. Nichols Marius and Claire Sanger Lorrie and Larry Winnerman
Mrs. Tricia Nichols Yasuhiko Sata Ruth Winter
Janet C. O'Grady Mr. and Mrs. Paul C. Schorr III Jacqueline Wogan
Susan Christine O'Neal Carole and Gordon Segal Mr. and Mrs. M. Richard Wyman
Linda Pace Mr. Martin J. Sherwin Dr. and Mrs. David M. Yocum III
Joseph K. Pagano Sandra Simon Harriet and Jerome Zimmerman
Patricia M. Papper Beth K. Smith Pamela and Hugh Zuker
Susan and Paul Penn William D. Smithburg Paula Zurcher
Diane Perros Nancy Spears

*Trustee **Trustee Emeritus Honorary Trustee (as of December 31, 2003)

19
Indiv idual Donors
Peter Ackerman Jill and Jay Bernstein Ms. Merle C. Chambers and
John W. Adams Mr. and Mrs. Luciano Berti Mr. Hugh A. Grant
Maya Ajmera Mr. and Mrs. Michael Bezos Anthony Chase
Madeleine K. Albright* Archer and Sandie Bishop Micki Chen
Frank Alexander Elaine and Bob Blatt William Coleman**
Michela A. Alioto-Pier Rita and Irwin Blitt Lola J. Coles
Mrs. Robert H. Allen (Judy) Laura G. Blocker Mr. and Mrs. Thomas Congdon
Anthony Allgood Mr. Richard C. Blum and Carol Craig
Patricia Alper Senator Dianne Feinstein Mr. and Mrs. Robert J. Craig
Daniel Alpert Bob Bowden Mr. and Mrs. J. L. Crain
Joseph and Deborah Amato Helen B. Box The Crown Family*
Jon and Lucy Anda Tina Brackenbush James S. Crown
Mr. and Mrs. Paul F. Anderson* Mr. and Mrs. Richard S. Braddock Toby Crystal
Anonymous Mark A. Bradley F. Peter Cundill*
Mary G. Armour Stuart M. Brafman Andrea L. Cunningham and Rand Sigfried*
Suzanne Atkinson Louis Brandt Mike and Veronica Curran
Becky Ayres Sally Breul Richard Danzig
Joe and Helen Badt Evelyn and Claude Brice Tarun Das*
Stephen Baird Eleanor Brickham Keith T. Darcy
Marilyn and George L. Baker Cari Britton Roy E. Davidson
Harley Baldwin William and Barbara Broeder Sally J. Davis
Suzanne Barnes Laurene B. Brooks Martin Davis
Lisa Baron Vicki Brooks Amy Davis
Mr. and Mrs. Harry W. Barrick Mr. K. Dane Brooksher Gary and Ellen Davis
Sid and Mercedes K. Bass* Vivian W. Brown Lorraine and Alex Dell
Rita Bass William and Jessica Budinger T.J. and Dawn Demas
Raifie and Michele Bass Cynthia Buniski Booker T. DeVaughn
Carol Batchelder Judi Burwell Nicholas Dewolf
Michael J. Batza Jr. Tony Caine and Terri Caine John DiBiaggio
Walter F. Bauer Connie and Jim Calaway Thomas J. DiPasquale
Jonathan D. Baumgarten John R. Calcott Mr. and Mrs. John Doerr*
Mr. and Mrs. Reginald R. Baxter Beverly A. Campbell Peter H. Dominick
Mr. and Mrs. Samuel Bell Jr. Clayborne Carson Paula Douglass
Arthur P. Bellis Clayton C. Carter Antonia P. DuBrul
Barbie Benton Ruth and Martin Carver Merle Dulien
Barbara and Bruce Berger Edward M. Caswall John Duncan
Mr. and Mrs. Berl Bernhard* William H. Cathers Theodore R. Eck

20
Paul F. Eckel David Gitlitz Kenneth Hubbard
Marcy and J. Leo Edelstein Lawrence D. Glaubinger Ann F. Hudson and Edward Hudson*
Gail and Richard Elden H. Lee Godfrey Norman J. Hunter
Tom Engh Ana and Michael Goldberg Paul E. Hurley
Mr. and Dr. Charles E. Ennis Louisa and Adam Goldsmith Joseph R. Hyde
Ms. Judith L. Estrin and Jerry A. Goldstone Mary Ann Hyde
Mr. William N. Carrico Craig G. Goodman Judith and Gordon Ingram
The Honorable and Mrs. Melvyn J. Estrin Mr. Ronald K. Greenberg Mick Ireland
Mr. and Mrs. Floyd R. Evans Jr. Ms. Diane Troderman and Mr. Harold Irwin and Julanne Isaacson
Mr. and Mrs. Woods Fairbanks Grinspoon Walter and Cathy Isaacson*
Shannon and Richard Fairbanks Elaine Grossman Dorothy and Marvin Jacobs
Tarek Farouki Mrs. Paul W. Guenzel Neil Jacobstein
Samia and A. Huda Farouki Mr. Stephen Gunther Jeanne Jaffee
The Honorable Dianne Feinstein Arjun and Vinati Gupta Rusty and John Jaggers
Mr. and Mrs. James L. Ferguson* Vinod Gupta Ms. Jane Jellinek
George Fesus Leo S. Guthman Dr. Jane Jenkins
Mr. and Mrs. Jerry E. Finger Lou and Bill Guthrie Mr. and Mrs. Alexander G. Jones
Dr. John E. Fish Jr. Keneth Gutner Mr. and Mrs. John J. Jubin
Kathryn Fleck Dr. Giora Hahn Lisa Jung
Donald J. Fleisher Lisa Haisfield Diana Jacobs Kalman and C. A. Kalman
Dr. and Mrs. John V. Flynn, Jr. Julia and Edward Hansen John B. Kane
Merrill Ford Steve and Sally Hansen Andrew R. Kassoy
Mr. and Mrs. Richard L. Fore* Gordon A. Hardy Marjorie C. Kastman
Angela Foster Drew Harman Alex Kaufman
Colonel and Mrs. James B. Foster, (Ret.) Ronald Harris Bicky and George Kellner
Ellen and James Fox Reed Hastings Donald G. Kempf Jr.
Owen O. Freeman Nikos and Alison Hecht Kathryn L. Kershow
William M. Freestate Jody and Andy Hecht Freia and Warren Kershow
Otto Frenzel Timothy A. Heller Helen Klanderud
Chuck and Marilyn Frias Mr. Barnett C. Helzberg Jr. Mr. and Mrs. Thomas R. Knowlton
Adam and Kathryn Frisch Juliane Heyman Mr. and Mrs. David H. Koch*
Hidetaka Fukuda Thomas and Susan Hilb Lawrence Koppelman
Karen Fulbright-Anderson Mr. and Mrs. Gerald D. Hines Ann M. Korologos and Tom Korologos*
William Fulkerson Dr. and Mrs. Michael R. Hirsch Thomas F. Kranz
Judith McGregor and Richard Gallun John Hoffman Mr. and Mrs. Timothy K. Krauskopf*
Alston Gardner Alberta D. Hogg Ms. Ishik A. Kubali-Camoglu
Gary Geiger Richard and Constance Hoguet Neel Lawrence Ladin
Mr. and Mrs. David R. Gergen* Colonel and Mrs. Robert A. Holden, (Ret.) David H. Langstaff
Norman H. Gershman Daniel A. Honig Mr. and Mrs. Leonard A. Lauder*
Betty S. Gerstley, M.D. Susan H. Horsey Laura and Gary Lauder
Frank B. Gibney Jr. Richard A. Horvitz Katherine Lawrence
The Honorable and Mrs. Joseph Gildenhorn* Nina Rodale Houghton* Joan Lebach
*Trustee **Trustee Emeritus Honorary Trustee (as of December 31, 2003)

21
Lowell H. Lebermann Jr. Patricia E. Mitchell Donna K. Rautbord
Gloria Lehr Jan D. Montassir Peter A. Reiling*
Pascal N. Levensohn Mr. Kenneth N. Moore Daniel and Paula Reingold
Carl Levy Diane L. Morris and Stevenson Atherton John W. Rendon
Toby D. Lewis Pat Morris Mr. and Mrs. Stewart Resnick*
Jerry D. Lindauer Richard M. Morrow John W. Rhea
Jeffrey Littell The Honorable Georgette Mosbacher Creighton J. Rhodes
H.H. Loud Mr. and Mrs. Karlheinz Muhr* J. T. Rhodes
Mary Ralph Lowe Clare Munana and John McCartney* Mr. Robert S. Rich
Mr. and Mrs. Jim Lowrey Mr. and Mrs. George Munroe* Ann W. Richards*
J. A. Lubowski Marc B. Nathanson Jean Ringwalt
Pam and Tom Luce Mrs. Judith E. Neisser Joyce Roaman
Ann and Paul Lux Hermine and Maurice Nessen William A. Roberts
Lee R. Lyon Virginia Newton Kenneth G. Robinson
Herbert Mack Jeannette T. Nichols Edward Robinson
Marie and James Malaro Mr. and Mrs. William A. Nitze* Aviva Robinson
The Honorable and Mrs. Frederic V. Malek* Mr. and Mrs. Barry J. Noonan Toni and Arthur Rock
H. George Mann Janet C. O'Grady Mr. and Mrs. Jon Rose
Stephen J. Marcus Susan Christine O'Neal Henry A. Rosenberg
Michael Marek Margaret D. Orem Marvin Rosenberg
Mia Margolis Olara A. Otunnu* Phillip Rothblum
Marilyn R. Marks Linda Pace Nancy and Miles Rubin
Kristin Hoegh Marsh Mr. and Mrs. Kent Greenawalt* Warren B. Rudman
Mr. Edward P. Martin and Allen Parelman Mr. and Mrs. William R. Russell Jr.
Mrs. Charlotte Lewis Martin Carol Parks Gail Sachson
Susan Marx Patricia S. Patterson Arlene and Chester Salomon
Mr. and Mrs. John P. Mascotte** Susan and Paul Penn Flora L. Sanders
Yukio Matsuyama Norman Perlmutter Linda and Jay Sandrich
Mr. and Mrs. William E. Mayer* George Perreault Marius and Clair Sanger
Arline G. Mayer Diane and Dimitri Perros Vincent and Elaine Santucci
Mr. and Mrs. Homer W. Maynard Marian and Mike Peters Mr. and Mrs. Joshua Saslove
Oliver G. McGee III Hensley and James Peterson Yasuhiko Sata
Harvey McKay Hana Pevny The Honorable and Mrs. John W. Sause Jr.
David T. McLaughlin John J. Phelan** Arno Schefler
Andrew J. Melton Mr. and Mrs. J. O. Pippin Jr. Rudi and Caryn Scheidt
J. Alec Merriam Anne and Arnold Porath Mr. and Mrs. Robert J. Schuerholz
Leroy M. Merritt Mr. and Mrs. Richard G. Powell Lewis Seager
Donna W. Messix Carolyn and William Powers Carole and Gordon Segal
Martin Meyerson** Kelli and Allen Questrom John M. Seidl
Joan B. Michelson Kathryn and Richard Rabinow Peter Seiersen
George L. Miles Jr. Mr. and Mrs. Frank Ramondo Jr. Nancy and Sam Shamie and Family
Jean C. Miller Ellen B. Randall Joel and Cynthia Shapiro

22
Elizabeth Shapkin Washington Sycip Mr. and Mrs. Perry M. Waughtal
Daniel A. Sharp Mr. and Mrs. James E. Sylvanus Jay and Marnie Webster
Joyce Sher Aziz D. Syriani Philip J. Webster
Mr. Martin J. Sherwin Phillips Talbot** Robert S. Weil
Sandra Simon Peter S. Temes Michael Weil
David J. Singer Shelly and Pete Thigpen Marvin F. Weissberg
Spyros Skouras Peter Q. Thompson Dolores D. Wharton**
Damaris Skouras Mr. and Mrs. William R. Tobey Jr. George D. White
Mr. and Mrs. Albert H. Small* Alexander B. Trowbridge** Wendalin Whitman
Pamela Smart Dr. and Mrs. Teviah Turkat Mr. and Mrs. Frederick B. Whittemore*
Victoria L. Smith Mr. and Mrs. Jack Valenti* Jack and Bonnie Wilke
Gary Smith Beth Vanderslice Lorrie and Larry Winnerman
Elizabeth K. Smith Anna D. Varela Bruce and Barbara Winston
Jane G. Sparks Dennis Vaughn Mr. and Mrs. Walter E. Woodford Jr.
Rebecca Sparks Margaret B. and Philip K. Verleger, Jr. Dr. and Mrs. William H. Wroten Jr.
Nancy Spears Enzo Viscusi Dr. and Mrs. David M. Yocum III
Kate Springs Roderick K. von Lipsey* Ms. Alice Young and Mr. Thomas L. Shortall
Warren Stark Peter M. Waanders Carl Zillig
Jack Stievelman Michael D. Walden Harriet and Jerome Zimmerman
Novartis Stiftung Christopher Walling Dorothy S. Zinberg
Fleur and Curt Strand Mr. and Mrs. Donald R. Walls Mortimer B. Zuckerman*
Mr. and Mrs. Albert I. Strauch Carolyn F. Walton Paula Zurcher
Melanie Sturm Leah and Ralph Wanger

Corporate Support
ABN AMRO Bank N.V. BellSouth Corporation City of Aspen
Accenture LLP Blackstone Group, L.P. Cleary, Gottlieb, Steen & Hamilton
Aetos Capital LLC Bloomberg Comcast Corporation
ALSTOM Power, Inc. Boeing Company Commerce Capital Markets
American Electric Power Service Boies & McInnis LLP Communications Consortium Media
Corporation Booz Allen & Hamilton Center (CCMC)
American Express Bristol-Myers Squibb Company Cox Enterprises, Inc.
American Petroleum Institute Champion Industries, Inc. Credit Suisse First Boston Corporation
AOL Time Warner Inc. Chase Manhattan Banking Corporation CXO Communication
Aramco Services Company Chevron Products Company Daimier Chrysler Corporation
AT&T The Northern Trust Company Christopher Walling Inc. DaimlerChrysler Services AG
Bank for International Settlements Cinergy Services, Inc. Disney Worldwide Services, Inc.
Bear, Stearns Securities Corporation Citigroup Dolce International

*Trustee **Trustee Emeritus Honorary Trustee (as of December 31, 2003)

23
Eastman Kodak Company
Edgewater Management, Inc.
Edison Electric Institute
EPRI
Exelon Corporation
FHCHS
First Health
Fleet Bank
Ford Motor Company Fund
Fuji Xerox Co., Ltd.
Gale Force Energy, LLC
General Electric Company
Globe Capital Partners
Goldman, Sachs & Co.
Goodwill Industries International Inc.
Hatco Corporation
Heidrick and Struggles, Inc.
Henry Crown & Company
Hewlett-Packard Company
HongKong & Shanghai Banking Co. (HSBC)
Host Marriott
Human Service Group, Inc. T/A Estrin
International
Insight Venture Partners
J.W. Light Investment Account
Lee Enterprises
MediaNews Group, Inc.
Merrill Lynch & Co. Inc
Microsoft Corporation
Foundation Support
Acorn Foundation
Adler Schermer Foundation
Albert & Tricia Nichols Foundation
Alfred P. Sloan Foundation
American Express Foundation
Ann and Gordon Getty Foundation
Annie E. Casey Foundation
Arie and Ida Crown Memorial
Modell & Associates TDS Telecom
Morgan Stanley & Company, Inc. Telesoft Management Services, LLC
Motion Picture Association Textron
Neisser Family Fund The College Board
New York Life Insurance Company The Franklin Mint
Peace Software, Inc. The Scowcroft Group, Inc
Pepco Holdings, Inc. The Thrift Shop
Pfizer, Inc. TIAA-CREF
PGP Corporation Time Warner Cable
Piper Rudnick LLP Town of Snowmass Village
Pitkin County Tucows.com, Inc
Premier, Inc. U.S. Conference of Catholic Bishops
Public Strategies Incorporated U.S. Trust Company
Qualcomm Ventures, United Way of Essex and West Hudson
Qualcomm Incorporated US Department of Commerce
Rio Tinto London Ltd. Veridian Information Solutions, Inc.
Rittenberg Assoc. Inc. Verizon Services Corporation
Rosemore, Inc. Viacom International, Inc.
Ryan Beck & Company Virtumundo, Inc.
SBC Communications, Inc. VISA International
Scholastic, Inc. Wabash Valley Power Association, Inc.
SEIU General Fund Wallace Global Fund, Grants
Sempra Energy Walt Disney Company
Service Employees International Union Warburg Pincus & Co., LLC
Sesame Workshop we energies
Small Business Administration Wyeth
Sullivan & Worcester LLP Yankee Entertainment & Sports
Sunrise Medical Inc. Network, LLC
TCS America
Aspen Education Foundation Bessemer Trust Company
Association for Enterprise Opportunity Bill & Orli Staley Foundation
Automatic Data Processing, Inc. Bill and Melinda Gates Foundation
Barbara and Spyros Skouras Foundation Bruce T. Halle Family Foundation
Barbara Ingalls Shook Foundation C Gary and Virginia Gerst Foundation
Barbara Lubin Goldsmith Foundation Carnegie Corporation of New York
Barry S. and Evelyn M. Strauch Caserve Foundation
Foundation, Inc. Catto Charitable Foundation
24
Center for Strategic and
International Studies
Charles B. Israel Foundation
Charles Stewart Mott Foundation
Chazen Foundation
Christine Aronson Charitable Fund
Citigroup Foundation
Copaken Family Foundation
Coudert Institute
Coydog Foundation
Dade Community Foundation
Danny & Sylvia Fine Kaye Foundation
David N. Rosner Charitable Foundation
Dayton Foundation Depository, Inc.
Edna McConnell Clark Foundation
Edward & Julia Hansen Foundation, Inc.
Eleen & Gary Davis Foundation
Eli & Edythe L. Broad Foundation
Essence Foundation
Ewing Marion Kauffman Foundation
F.B. Heron Foundation
Fannie Mae Foundation
Ferer Foundation
Fern Karesh Hurst Foundation
Ford Foundation
Fullerton Family Charitable Trust
George Mead Jr. Foundation
Gertler Family Foundation
Gideon Gartner Foundation
Charitable Trust
Gordon and Betty Moore Foundation
Harbor Lights Foundation
Harris Foundation
Henry and Gladys Crown Charitable
Trust Fund
Herald Newspapers Foundation, Inc.
Hitachi Foundation
Hosier Family Foundation
Hyde Family Foundations
Institute for International Monetary Affairs
Institute for Research and
Reform in Education
Institute of Gas Technology
Irwin and Rita Blitt Charitable Contributions
J.P. Morgan Chase Foundation
Jack Hidary Foundation
Jane J Jenkins Trust
Jane W. Smith Living Trust
Jerry and Nanette Finger Foundation
John S. and James L. Knight Foundation
Joy Family Foundation, Inc.
Kaufman Foundation
Kenner Foundation, Inc
Latousek Foundation
Lauder Foundation
Laurence D. Belfer Family Foundation
Lee Foundation
Legg Mason
Leslie & Walter Burlock Foundation
Levin Charitable Trust
Lita & Morton Heller Foundation
Lucille S. Thompson Family Foundation
Lux Family Foundation
Madigan Family Foundation
Malek Family Charitable Trust
Malott Family Foundation
Markle Foundation
Martin Bucksbaum Family Foundation
Mary Bucksbaum Scanlan
Family Foundation
Matthew and Carolyn Bucksbaum Family
Foundation
McCloskey Family Charitable Trust
McNamara Foundation
Mervyn Adelson Trust
Meta S. & Ronald Berger Family Foundation
Miller and Jeanette Nichols Foundation
Mr. and Mrs. Robert Ingersoll
Foundation
Nancy C. & Jeffrey A. Marcus
Foundation, Inc.
Nathan Family Foundation
National Academy of
Television Arts & Sciences
National Center for Nonprofit Enterprise
National Community Capital Association
National Governor's Association
Norman & Mary Pattiz Foundation
25
Norman M. Morris Foundation Inc.
Northern Star Foundation
Patrica M. and Emanuel M. Papper
Foundation, Inc.
Pew Charitable Trusts
Records-Johnston Family Foundation
Red Bird Hollow Foundation
Richard C. Goldstein Investments
Robert and Donna Harper Foundation
Robert K. Steel Foundation
Rockefeller Brothers Fund
Rockefeller Foundation
Rodel Charitable Foundation
Roe Jasen Charitable Lead Trust
Roy A. Hunt Foundation
Scheuer Associates Foundation, Inc.
Schwab Fund for Charitable Giving
Selim K. Zilkha Foundation
Simms Foundation
Smith Richardson Foundation, Inc.
Smithburg Family Foundation
Starr Foundation
Stefan T. Edlis Trustee of
The Stefan Edlis Trust
Stoffel Foundation
Ten Ten Foundation
The Polsky Foundation
The Andrew W. Mellon Foundation
The Atlantic Philanthropies
The Barry Foundation
The Barry Friedberg and Charlotte Moss
Family Foundation
The Boyd Foundation
The Charles A. Dana Foundation, Inc
The Corrigan Foundation II
The David and Lucile Packard Foundation
The Eisner Foundation Inc.
The Elmer F. Pierson Foundation
The Funger Foundation, Inc.
The Gordon and Llura Gund Foundation
The Greenwald Foundation
The Harman Family Foundation
The Hedges Family Charitable Foundation
The Herbert and Ruth Winter Foundation
The John D. and Catherine T. MacArthur
Foundation
The Julienne M. Michel Amended and
Restated Revocable Trust
The Katcher Family Foundation, Inc
The Lantz Welch Charitable Foundation
The Lubar Family Foundation, Inc.
The M & T Charitable Foundation
The Merrill Foundation, Inc.
The Murray Hidary Foundation
The Robert J. Hurst Foundation
The Robert Wood Johnson Foundation
The Rodel Foundation
The Susan and Ford Schumann Foundation
The Suzanne Nora Johnson & David G.
Johnson Foundation
The Wallace Foundation
Thomas Lemons Foundation
Thomas M. and
Victoria O'Gara Foundation
Tobey Foundation
University of Chicago
University of Notre Dame
W.K. Kellogg Foundation
Whittemore Family Foundation
William and Flora Hewlett Foundation
William T. Grant Foundation
World Resources Institute

Inkind Gifts
American Airlines Training and
Conference Center
Linda and Jay Sandrich
Lindt & Sprungli (USA) Inc.
Mr. and Mrs. Stewart Resnick
Mr. and Mrs. Michael Bezos
Teleflora
The Aspen Meadows
The Estee Lauder Companies, Inc.
The Franklin Mint

26
Ensuring O ur M ission
of L eadership Development
Every year a group of exceptionally qualified emerging leaders receive scholarships to attend the Executive
and Leadership seminars, and other programs, of the Aspen Institute. These scholarships are awarded to
individuals in the public and civic sectors who, without this vital support, would be unable to attend.

Special endowments continue to provide funding for a significant number of these outstanding individuals.
These wonderful endowments, combined with the annual support of individuals and corporations, ensure
that the mission of leadership development benefits a broad spectrum of people, both here and abroad.

We are extremely indebted to these individuals and organizations for their support.

2003 Gifts Polsky Foundation Socrates Endowment

Paul F. Anderson
Aspen Education Foundation
Lloyd G. Balfour Foundation
Justice Harry A. Blackmun Fund
Martin Bucksbaum Family Foundation
City of Aspen
Mr. and Mrs. Lester Crain
Eastman Kodak Company
F. Peter Cundill
Mr. and Mrs. Thomas Engh
Exxon Corporation
David R. Gergen
Ronald K. Greenberg
Host Marriott Corporation
Nina Rodale Houghton
Kenner Foundation, Inc.
M & T Charitable Foundation
William E. Mayer
McCloskey Family Charitable Foundation
Pitkin County
The Rodel Foundation Arie & Ida Crown Memorial Fund
Jay and Linda Sandrich Arjun & Vinati Gupta
Lewis Seager The Hedges Family Charitable
The Thrift Shop Foundation
Town of Snowmass Village The Murray Hidary Foundation
Wyeth Jack Hidary Foundation
David M. Yocum Peter Hirshberg
Laura and Gary Lauder
Endowments Pascal N. Levensohn
Mortimer J. Adler Endowment Rosenbloom Foundation, Inc.
Bicky & George Kellner Endowment Beth Vanderslice
Robert B. McKay Endowment
David T. McLaughlin
Leadership Endowment
Nakasone Endowment
Rose Associates Endowment
Betty and Lloyd G. Schermer
Endowment
Stradivarius Endowment
Gus & Marie Tyler Endowment

27
 The Aspen Institute Boa
William E. Mayer, Chairman of the Board Henry E. Catto, V ice Chairman
Walter Isaacson, P resident and CEO Lester Crown, V ice Chairman

Mervyn L. Adelson* Tarun Das Arjun Gupta

East-West Capital Associates Confederation of Indian Industry TeleSoft Partners
Madeleine K. Albright William L. Davis* Sidney Harman
The Albright Group LLC WLD Davis Holdings, LLC Harman International Industries, Inc.
Paul F. Anderson John Doerr Ann Frasher Hudson
Booz Allen Hamilton Kleiner Perkins Caufield & Byers Javelina Partners
Prince Bandar Bin Sultan Sylvia A. Earle Jerome Huret
Royal Embassy of the Kingdom of Deep Ocean Exploration & Research Institut Aspen France
Saudi Arabia Michael D. Eisner Walter Isaacson
Mercedes Bass The Walt Disney Company The Aspen Institute
Sid R. Bass, Inc. James L. Ferguson William N. Joy
Berl Bernhard General Foods Corporation Aspen Smallworks
Piper Rudnick LLP Henrietta Holsman Fore* Y otaro Kobayashi
William D. Budinger United States Mint Fuji Xerox Co., Ltd.
Rodel, Inc. Henry Louis Gates, Jr. David H. Koch
Stephen L. Carter Harvard University Koch Industries, Inc.
Yale University Law School Manfred Gentz Ann McLaughlin Korologos*
Henry E. Catto Aspen Institute Berlin Benedetto Gartland & Company
The Atlantic Council of the David Gergen Timothy K. Krauskopf
United States Harvard University Round Lake Designs, LLC
Lester Crown Alma L. Gildenhorn Leonard A. Lauder
Material Service Corporation Kennedy Center The Estee Lauder Companies, Inc.
Peter Cundill Gerald Greenwald Gerald M. Levin
Cundill Investments Research Greenbriar Equity Group Time Warner, Inc.
Andrea Cunningham Patrick W. Gross Frederic V . Malek
CXO Communication The Lovell Group Thayer Capital Partners

28
rd of Trustees

Robert H. Malott Olara A. Otunnu Andrew L. Stern

FMC Corporation United Nations Service Employees International Union
James M. Manyika Elaine Pagels Giulio Tremonti
McKinsey & Company Princeton University Aspen Institute Italia
William Mayer Thomas R. Pickering Jack Valenti
Park Avenue Equity Partners The Boeing Company Motion Picture Association
Bonnie P. McCloskey Charles Powell of America
Cornerstone Holdings, LLC Sagitta Asset Management Limited Roderick K. von Lipsey
John P. McNulty Margot Pritzker Goldman Sachs & Co.
Goldman Sachs & Co. Peter A. Reiling Vin Weber
Olivier Mellerio The Aspen Institute Clark & Weinstock
Interfinexa Lynda Resnick Frederick B. Whittemore
Philip Merrill* Roll International Corporation Morgan Stanley & Co., Inc.
United States Export-Import Bank Ann W. Richards Alice Young, Esq.
Karlheinz Muhr Public Strategies, Inc. Kaye Scholer LLP
Credit Suisse First Boston Donald Roth Mortimer B. Z uckerman
Clare Muana Aspen Music Festival & School Boston Properties, Inc.
Ancora Associates, Inc. Lloyd G. Schermer
Elinor Bunin Munroe Lee Enterprises
Elinor Bunin Productions, Inc. Isaac O. Shongwe
Jerry Murdock DNA Supply Chain of South Africa
Insight Venture Partners Albert H. Small
William A. Nitze Southern Engineering Corp.
Gemstar Group Inc. Robert K. Steel
Her Majesty Queen Noor The Goldman Sachs Group, Inc.
Humanitarian activist; UN expert advisor As of April 16, 2004

29
The Aspen Institute U.S. Offices
Aspen
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